Petrobras signs $1.5 billion loan agreement with JBIC

7/16/2013

Petrobras signs $1.5 billion loan agreement with JBIC

BY PAULO WINTERSTEIN

SAO PAULO -- Brazil's government-controlled oil company, Petroleo Brasileiro, said Tuesday that it signed an agreement with Japan Bank for International Cooperation for two credit lines totaling up to $1.5 billion.

The financing program will be handled by Mizuho Bank Ltd., with 60% of the financing provided by JBIC and the remaining 40% by private-sector Japanese banks, Petrobras said in an emailed statement.

The loan agreement is part of a partnership formed between JBIC and Petrobras last year. In October, JBIC said it would work with Petrobras to build a cogeneration project in the state of Rio de Janeiro, as well as finance efforts to tap natural gas from 18 offshore oil fields.